If the answer to the self-inquiry we pose ourselves (Would I regret not doing this when I am old?) is no, then it is not worth doing, but if the answer is maybe or yes, then it can be given a go-ahead.
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Working in a comfortable and high-paying job in the 90s, Jeff Bezos faced the dilemma of continuing his job or pursue the business idea he had about selling books online.
He posed a self-inquiry: At the end of my life, will I regret not having done this?
This self-inquiry, called the regret minimization framework, minimized his regrets as he opted to leave the job and start Amazon, which sells more than just books now and is worth USD 2 Trillion.
The Regret Minimization Framework can be a great help with the big decisions, which should warrant one’s time and attention, instead of sweating on trivial stuff.
One has to make crucial decisions in life, and this method removes emotion from the equation. It also helps to talk through one’s decision with other people, family, friends and relatives to get an outside perspective.
Thinking about your potential regrets give you clarity. It also helps you to remove a few pieces of confusion in the present caused by alternative paths. It helps you make the right decision more easily.
Our emotions are obsessed with the present moment because it’s difficult to look past our immediate fears and anxieties. And this prevents good decision-making.
The sweet spot in decision-making is to find the short-term failures that enable huge long-term successes to happen in the first place.
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